Gemini (GEMI) Stock: Three Executives Gone, Shares Down 76% — What’s Next?

TLDR

• GEMI is trading around $5.90, down 43% in 30 days and over 76% below its September 2025 IPO price.
• COO, CFO, and CLO all departed on February 17, sending shares down ~13% in a single day.
• On February 5, Gemini announced it was exiting the UK, EU, and Australia and cutting 25% of its workforce.
• Mizuho kept its “outperform” rating and $26 price target, with a $43 bull case and $8 bear case.
• Law firm Hagens Berman has opened an investigation into whether Gemini’s IPO prospectus misled investors.

Gemini Space Station has had a brutal start to life as a public company, and February has made things worse.

Gemini Space Station, Inc. Class A Common Stock, GEMI

Shares are trading around $5.90 — more than 76% below the company’s September 2025 IPO price and down roughly 43% in the past 30 days alone. Two separate announcements have driven the selloff.

The first came on February 5, when Gemini said it was exiting the UK, EU, and Australia and cutting around 25% of its workforce. Shares dropped about 9% that day.

That move directly contradicted what the company told investors at IPO. The original prospectus stated that geographic expansion “will further amplify our global reach,” with specific focus on European and Asia-Pacific markets.

Then on February 17, Gemini revealed that COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade had all left the company, effective immediately. Beard also resigned from the board. No reasons were given for any of the departures, sending shares down another 13%.

Mizuho Holds Its Rating

Mizuho analysts reiterated their “outperform” rating and $26 price target this week, writing that the stock “likely already reflects a lot of this pain.”

The firm values GEMI at 7x estimated 2027 revenue, a discount to the 10x peer median. Their bull case sits at $43 — more than 600% above current levels. Even their bear case of $8 is 35% above where the stock trades today.

Preliminary revenue of $165–$175 million came in slightly ahead of Mizuho’s $168 million estimate. Adjusted EBITDA, however, came in worse than expected at negative $257–$267 million versus the firm’s forecast of negative $224 million. Mizuho said the cost cuts could help drive a path to profitability over time.

Legal Pressure Builds

Shareholder rights firm Hagens Berman has opened a formal investigation into Gemini’s IPO disclosures. The probe centers on whether Gemini knew at the time of its IPO that its international operations were already under pressure — and whether management issues predated the executive departures.

Gemini has not publicly responded to the investigation. Hagens Berman is urging investors with losses to come forward.

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